Middle East

The loan market is weighing up the fate of billions of dollars worth of deals after the disappearance and possible murder of Jamal Khashoggi, a prominent Saudi journalist who had criticised the regime. Mariam Meskin and Mike Turner report.

Rating: Ba3/—/BB

Abu Dhabi Commercial Bank entered the Swiss franc bond market on Thursday, selling Sfr100m ($101m) of February 2024 bonds.

The accusations leveled at Saudi Arabia over the disappearance and alleged murder of journalist Jamal Khashoggi deserved more than the blip in Saudi trading we saw this week. There are sound, financial reasons why investors should be wary of investing in the country, no matter the size of its oil reserves.

Turkey passed its first test of investor sentiment on Tuesday night, returning to international capital markets with a $2bn five year deal after an absence of six months while the country had a brush with economic and diplomatic chaos.

United Arab Emirates-based National Central Cooling Company (Tabreed) is embarking on a roadshow to market a debut senior unsecured dollar Reg S sukuk.

Turkey made a successful return to international markets on Tuesday after six months away. The sovereign paid up for the privilege, but took an important step in returning financing conditions in the country to normal.

The Republic of Turkey has set price guidance on a new bond issue that equates to 50bp back of its curve. That is a big, sour number for Turkey to have to offer investors, but its goal at this point must be to reopen the capital markets for its banks and corporates. To do that, Turkey's new bond needs to perform.

Turkey is in the market for a five year dollar benchmark — its first trip to international capital markets since it was plunged into financial crisis by US sanctions earlier this year.

The loan market is weighing up the consequences of the disappearance and plausible murder of Jamal Khashoggi, a prominent Saudi journalist who had criticised the regime.

The decision on Friday by the Turkish constitutional court to release the American pastor Andrew Brunson provided a surge of relief for investors in the beleaguered nation, although most of the tightening in debt spreads happened in advance.

Islamic Development Bank has picked banks for a roadshow promoting its debut euro denominated sukuk benchmark — for the second time this year.